What is a term in a contract?

A term in a contract is a provision, or promise, that the parties agree to fulfill. In Washington, all contracts must be in writing and signed by both parties. A term is an essential element of a contract, outlining the specific promises and responsibilities of each party. Generally, terms in a contract are divided into two categories: conditions and warranties. A condition is an important element of the agreement that must be fulfilled for the contract to become valid. For example, a condition could be that the seller must deliver the goods to the buyer by a certain date. If the seller fails to meet this condition, the buyer can seek remedies. On the other hand, a warranty is a promise given by one party to the other, which sets out what that party will do in certain situations. For example, a warranty could stipulate that the seller will repair or replace any defective goods purchased. If the seller fails to fulfill the warranty, the buyer can seek remedies. Both conditions and warranties must be clearly stated and understood by both parties for the contract to be valid and enforceable. Specific terms should be written down and agreed upon by both parties to ensure that everyone is aware of their rights and obligations.

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